Bounce Token (AUCTION) to $40

On the above 5-day chart price action has corrected over 90% since November 2021. A number of reasons now exist to consider a long position, including:

1) Price action and RSI resistance breakouts.

2) Price action backtests past resistance as support.

3) Point (2) occurs on the 0.236 Fibonacci level.

4) Price action is now on a year long support.

5) Point (4) also tests the ‘bottoming candle’ - excellent.

Is it possible price action falls further? Sure.
Is it probable? No

Type: Trade
Risk: <=6%
Timeframe: Act now
Return: 1000%

Trade active:

This one might target the target sooner than others, not 30 days ago traders were buying @ 17 dollars (what were they thinking??), therefore there is little sell pressure above current levels.

Comment:

Support confirmed, over a 15 day period.

No matter the asset it is always fascinating to watch sellers sell into past resistance where support is confirmed. Tells you so much about the mindset of the participants.

Trade active:

Wait for 40 dollars

Comment:

** GRM support confirmed **

Comment:

Don't you just love GRM confirmation? I do.

Comment:

He's going vertical, so am I. We're going ballistic, go get em..

80% in 30 days..

Comment:

Correction, 100%. So much win!

Trade active

Comment:

test past resistance as support

Comment:

support confirmed with hidden bullish divergence and GRM support

Comment:

In answer to a questioned ask, next resistance is around 8.50

Comment:

resistance breakout.

Comment:

A few questions asking "What do you mean resistance breakout?"

See the blue circle? This was the first time price action did two things:

1) Broke out of resistance AND
2) Confirmed past resistance as support.

In trading, support and resistance the 2nd most important thing in chart analysis. (The first being identifying the trend).

In the daily chart below you also measure the near term target following the breakout thanks to the previous resistance breakout. It is that simple.

To those that asked the question, try to measure out support and resistance as shown below on things you hold. Would you act differently?


1-day

Comment:

resistance fails, sellers exhausted

Trade active

Comment:

Price action up 50% since last update.

Resistance is broken. Expect a backtest some point in the future to confirm support.

Trade active:

Continues to take the stairs up as the market takes the elevator down.

Comment:

Don't tell me the sky is the limit when there's footprints on the moon.

Comment:

230%

Comment:

540%.
Almost at target.

Trade closed: target reached:

10x, 1000% in only 4 months.

Would you like another? Well... it is already published. Curiously it also begins with the letter A.

P's, it is on the 2-day GRM list. Will update shortly.

6-day